How to Find the Best Franchise to Own
At Visiting Angels®, we know how personal the decision to buy a franchise can be. No matter how much time you spend looking at franchise rankings or Googling what’s the best franchise to own, you can’t buy a franchise based on someone else’s goals and preferences. You need to find the best franchise for you.
Unless you have prior experience with franchise ownership, finding the best franchise to own may prove challenging. You spend countless hours on research, read through hundreds of franchisor profiles, and somehow end up no closer to making a firm decision.
If this sounds familiar, it might be because you’re unsure of what you want in a franchise. Instead of combing through franchise opportunity rankings or poring over franchisor documentation, it’s a good idea to step back and ask yourself a few basic questions...
“What’s MY Best Franchise to Own?”
Instead of trying to find the best franchise to own, you should be looking for the franchise opportunity best suited for you.
One of the best (and easiest) ways to do that is to ask yourself key questions about franchise ownership. What are your biggest reasons for buying a franchise? How much money can you afford to invest in a franchise business? When do you see yourself transitioning out of the business?
Here’s a look at eight important questions that can help you find the best franchise to own.
- How much can I afford to invest in a franchise? This tends to be the easiest question for franchise buyers to answer, and the one they’ve thought through most clearly beforehand. However, there are two things that you should be careful to consider. First, don’t assume that you’ll receive a small business loan unless you’re confident that you qualify for approval. Second, make sure that you will have enough money to live comfortably for at least the first 18 to 24 months of franchise ownership.
- What are my goals for franchise ownership? This might seem like a simple question, but it’s one that many franchise buyers have trouble answering. So, before you start looking for the best franchise to own, take the time to define and articulate your goals. Financial gains? Professional independence? Personal freedom? A different career path? The chance to work from home? You should not only have a clear sense of your goals, but also a clear sense of which goals are your biggest priorities.
- Do I want a turnkey business or a DIY franchise? When you purchase a franchise, key segments of your business and brand are pre-built. Because of this, it’s often easier to purchase a franchise than launch an independent small business. Even so, you may want a franchise that gives you leeway to run your business on your own terms. Some franchises use a turnkey model with strict operational guidelines. Some give you the freedom to build your business according to your own vision. Meanwhile, others fall somewhere in the middle of this spectrum.
- How do I plan to operate my franchise? You can narrow down your choices for the best franchise to own by asking yourself how you expect to run your business. Some franchises require a hands-on approach from their owner. Others work best with the franchisee in a management capacity, with non-managerial tasks handled by employees.
- How will I leverage my existing strengths? The best entrepreneurs choose business opportunities suited to their personal and professional strengths. Rather than identifying the best opportunities in general, they identify the best opportunities in which they’re likely to thrive. In choosing the best franchise to own, you should adopt a similar mindset. Take an honest look at your existing skills, expertise, and experience. When evaluating franchise opportunities, ask yourself if you’re the sort of person who’s poised for success with this kind of business.
- When and how will I exit my franchise? If there’s any question that franchise buyers forget to ask themselves, it’s this one. Are you planning on selling your business five years from now? How about ten? Maybe twenty? Or are you planning to see this business through until you retire? No matter the answer, the best business to own will be one that fits your long-term goals and plans.
- How will this franchise affect my personal life? Starting a franchise business requires a certain level of personal sacrifice, some much more so than others. Before you decide on the best franchise to own, you need to think through how it will impact your personal life. Will you be able to work 50+ or 60+ hours a week? Will your work schedule interfere with other obligations? Will your family be able to handle the changes to your workload and schedule? Keep in mind that your personal well-being will have a big effect on your ability to run your franchise.
- Will I love what I do? Running your own business can be a marathon, one filled with steep climbs and unexpected turns. To reach the finish line, you need to love what you do. That doesn’t mean you need to love each and every aspect of your business. But at the end of the day, you should go home feeling satisfied with the work you’ve done and all that you’ve accomplished.
Looking for the perfect franchise opportunity? Over the past decade, Visiting Angels has been repeatedly named the best franchise to own in home care by the Franchise Business Review, and we consistently rank among near the top of Entrepreneur’s Franchise 500 rankings. Learn more today by calling 800-365-4189 or by requesting information online.